8 DEAR SHAREHOLDERS, The company once again operated in a complex scenario in 2014, due to supply conditions in the domestic LPG market and an international market in which prices dropped throughout the year. The latter was largely related to what happened to oil-related energy prices. As explained in this annual report, in 2014 Gasmar consolidated as a safe, reliable and competitive supplier. By means of the right loading, unloading and storage logistics, it continued to meet all its customers needs timely. The operating improvements undertaken in the last few years, which included the expansion of the Quintero terminal and our entry to the San Vicente terminal, were paramount in this achievement. In 2014, we imported 750,000 tonnes of LPG, which was a 4.6% year-on-year (YoY) increase. Sales to customers rose 3.6% YoY to 742,000 tonnes. With these figures, our company was the top LPG supplier in Chile accounting for 64% of the domestic consumption. The right commercial and logistical structure enabled us to close the year with positive results: revenue of USD710 million, net income of USD45 million and EBITDA of USD61 million. Next year poses a different challenge. After the entry of a new LPG sea importer, our imports are forecasted to decrease. Nevertheless, due to the company s logistics, which include the ability to receive high-tonnage vessels, a storage capacity of 185,000 m 3 and 20 years of experience, we will be the most competitive and flexible company for our customers. To achieve that goal, the long-term LPG supply contract we signed in late 2013 to meet most of the gas needs as of the second half of 2015 will make a major contribution. This contract will give us direct access to Mont Belvieu in the United States, a large, reliable and stable export market, which will boost supply in the best international market access conditions. stringent international regulations and all the standards required by the authorities. The energy efficiency plans rolled out in 2012 continue in place. Sustainable development is not possible without the social progress of the communities around our operations. Our company has a genuine interest in the social needs related to our operations, focusing on those people who have fewer opportunities in the community. Besides funding the Elderly Meeting Centre in the district of Quintero where we work with the Hogar de Cristo, this year we therefore supported a second initiative of providing economic and psychosocial home support for the prostrate or semiprostrate elderly. For this, we needed the same capacity set up in the Hogar de Cristo and the help of new volunteers. We also made progress with the renovation of the Railway Station House in Quintero to turn it into a museum of local arts and the offices of the incipient Municipal Culture and Tourism Corporation of Quintero, both due in Gasmar supported these works with a generous donation. In 2015, we will continue to embrace our mission of being the safest, most reliable and flexible imported LPG supplier in Chile. This challenge would not be possible without our human team or the support of our shareholders, customers, suppliers and logistical, commercial and financial partners. I would like to thank each of them for their support and trust, and I kindly encourage you all to keep up the work to address the challenges we face ahead. Ricardo Cruzat Ochagavía Chairman Gasmar S.A. In the environmental care area, our drive to develop and uphold a commitment for sustainable operations makes us stand out. This was reflected by the construction and commissioning of the fifth LPG tank, which complies with MEMORIA ANUAL 2014 ANNUAL REPORT 7

16 QUINTO ESTANQUE EN QUINTERO AUMENTA SEGURIDAD DEL SUMINISTRO En noviembre de 2014 entró en operaciones el quinto estanque de almacenamiento de Gas Licuado de Petróleo (GLP). Con una capacidad de 60 mil m 3, se convirtió en el más grande de Gasmar y de todo el país. Esta nueva obra se emplazó al interior de los terrenos de nuestra empresa, en Quintero, donde se unió a otros cuatros estanques de similares características y que suman otros 85 mil m 3 de capacidad. La relevancia comercial de esta obra reside en que el aumento en el volumen de almacenaje en 70% nos permite tener menos días de permanencia del buque en puerto. La relevancia estratégica, en tanto, radica en que al crecer la capacidad instalada, se incrementa la seguridad de suministro de GLP para la población de la zona centro sur del país ante posibles déficits. La inversión total de la obra fue de USD 32 millones, la mayor en activo fijo realizada por la compañía en los últimos años. La construcción estuvo a cargo de CBI Americas Limited, empresa internacional de gran experiencia en el rubro. Considerando la complejidad de construir una obra de esta envergadura, en medio de una planta industrial en pleno funcionamiento, y durante 21 meses aproximadamente, es importante destacar que el proyecto avanzó dentro lo previsto y que no existió ningún accidente con horas perdidas. FIFTH TANK AT QUINTERO ASSURES SUPPLY RELIABILITY The fifth 60,000 m 3 LPG storage tank came on stream in November 2014 and it is the largest at Gasmar and in Chile. This new tank was installed on our company land at Quintero, where there are also four other tanks with similar features that provide an additional 85,000 m 3 of storage. The commercial importance of this tank lies in the fact that the 70% increase in the storage volume enables us to have vessels moored in the port for fewer days. The strategic importance is that increasing the installed capacity assures LPG supply for people in the centre and south of the country for possible shortages. The total investment in this tank was USD32 million, the largest in fixed assets made by the company in the last few years. CBI Americas Limited, an international company with great experience in this sector, was in charge of the construction. Considering the complexity of building a tank of this size in the middle of a fully operating industrial plant and for about 21 months, it is important to highlight that the project made progress according to schedule and there were no losttime accidents. 60 MIL M 3 DE ALMACENAMIENTO ENTRAN EN OPERACIÓN. 60,000 M 3 OF STORAGE COME ON STREAM MEMORIA ANUAL 2014 ANNUAL REPORT 15

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